Australian dollar rises on news of new prime minister

Sydney, Sep 15 (IANS) The Australian dollar surged clear of 71 US cents in offshore trade overnight as offshore investors welcomed the news of Malcolm Turnbull’s victory.

The local unit was trading 71.54 US cents, up sharply from 70.90 US cents at the close of trade on Monday.

Turnbull ousted then Prime Minister Tony Abbott in a party room ballot late on Monday night, winning 54 votes to 44.

The news helped the local unit rise despite weaker commodity prices and a strengthening US dollar, which under normal circumstances would have seen the Aussie wilt and fall backwards towards the 70 US cent mark, local analysts said.

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